In a piece today, Lex argues that two years in banking is enough for anyone. During those first two years, it says that young bankers learn about, ‘spreadsheets, the nuts and bolts of business models, how to work under extreme pressure with both the guy in the copy centre and the client CEO.’ Thereafter, they’re equipped to do anything (start a company, become an investor, become a journalist). After two years, Lex says young bankers who continue working 80 hour weeks in banks for £150k a year, do so out of inertia: “Why let all those skills go to waste by staying at a dreary bank, when you are in your 20s, and the world is your oyster?”

Separately, recruitment firm Robert Half has provided Bloomberg with some figures on risk salaries in different financial centres globally. It says a senior risk manager in Singapore is paid as much as $201k annually, compared with $232k in Hong Kong, $281k in London and $324k in New York.

Singapore sounds unappealing, until the country’s low income tax rate is taken into account. Our research indicates that after income tax, the risk officer will take home $225k in Hong Kong, $222k in New York, $181k in Singapore, and just $153k in London.

Meanwhile:

Ex-banker who became journalist says people in banking are interested in money, “usually because they grew up without much.” (Financial Times)

Ex-senior trader at Deutsche bank is rising star in the Conservative Party. (Bloomberg)

Standard Bank is in talks to sell its global markets business in London. (Bloomberg)

JP Morgan is making a push to hire more humanities students this year than it has in previous years. (Financial News)